Is First Majestic Silver or Excellon Resources more undervalued?

As of Sep 5, 2026, First Majestic Silver is at -77% to fair value and Excellon Resources at -89%. First Majestic Silver is the less overvalued of the two. Model-based estimate, not financial advice.

Which has higher quality, First Majestic Silver or Excellon Resources?

First Majestic Silver has a quality score of 49/100 and Excellon Resources 25/100. First Majestic Silver leads on quality.

STOCK COMPARISON

First Majestic Silver vs Excellon Resources: Fair Value & Quality

Both stocks run through our valuation models. Here is how First Majestic Silver (AG) and Excellon Resources (EXN) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees First Majestic Silver as the less overvalued of the two: First Majestic Silver trades at $21.39 versus a fair value of $4.91 (-77%), while Excellon Resources trades at C$0.47 versus C$0.05 (-89%).

First Majestic Silver

AG · USD · Materials

-77%

upside to fair value

overvalued

Price$21.39

Fair Value$4.91

Quality49/100

Excellon Resources

EXN.V · CAD · Materials

-89%

upside to fair value

overvalued

PriceC$0.47

Fair ValueC$0.05

Quality25/100

Get comparisons like this free by email every month: the most undervalued quality stocks.

Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

First Majestic SilverExcellon Resources

Valuation

28.7×P/E (TTM)—

5.62×P/S (TTM)—

3.04×P/B4.06×

9.9×EV/EBITDA—

−77.0%Fair value upside−89.0%

0.2%Dividend yield—

$0.04Dividend per share—

Profitability

50%Operating margin0%

2.53×EBIT margin trend (5Y)—

11%Return on equity-25%

8%Return on assets-7%

Growth

95%Revenue growth (YoY)0%

26.8%Avg. growth/yr (3Y)—

28.4%Avg. growth/yr (5Y)—

+68.8%Value creation/yr—

Balance & size

23.6×Interest coverage (EBIT/interest)—

0.11×Debt / equity—

$8BMarket cap$109M

mixedGrowth qualityweak

First Majestic Silver leads: 5 to 0 metric wins.

Dash = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

First Majestic Silverof which business quality 54 · market factors 45 Excellon Resourcesof which business quality 25 · market factors 37

ProfitabilityMargins and returns on capital today

Quality GrowthAre margins and returns improving?

CashflowEarnings quality: real cash, not paper profit

Fin. StrengthBalance sheet, leverage, solvency risk

InvestmentDisciplined investing over empire-building

Low VolatilityCalm price path (market factor)

MomentumPrice trend over the last 3–12 months (market factor)

52W MomentumDistance to the 52-week high (market factor)

Net IssuanceBuybacks instead of dilution

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model family	First Majestic SilverPrice $21.39	Excellon ResourcesPrice C$0.47
DCF Models	-23%below the price$16.40	n/a
Earnings-Based	-44%below the price$11.89	n/a
Dividend Discount	-98%below the price$0.33	n/a
Multiples	-73%below the price$5.78	n/a
Asset-Based	-83%below the price$3.74	-89%below the priceC$0.05
Growth DCF	-26%below the price$15.82	n/a
Economic Profit	-78%below the price$4.61	n/a
Growth Earnings	-32%below the price$14.63	n/a
Minimum	-98%below the price$0.33	-89%below the priceC$0.05
Maximum	-23%below the price$16.40	-89%below the priceC$0.05
Median	-59%below the price$8.84	-89%below the priceC$0.05
Geometric mean	-72%below the price$5.91	-89%below the priceC$0.05

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

First Majestic Silver: 25 of 26 models see the stock below the current price.

Excellon Resources: 1 of 1 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

First Majestic Silver

Bear $3.68Fair Value $4.91Bull $6.14

$21.39 = current price (white tick)

Excellon Resources

Bear C$0.04Fair Value C$0.05Bull C$0.09

C$0.47 = current price (white tick)

Compare two other stocks

Tap a field and type again, ticker or company name.

First stock

Second stock

Free, no sign-up

Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

First Majestic Silver · Materials

Quality score49 · below median

Fair value upside-77% · bottom 25%

Excellon Resources · Materials

Quality score25 · bottom 25%

Fair value upside-89% · bottom 25%

Bottom line

First Majestic Silver has the higher quality score (49/100).

See the full analysis →

First Majestic Silver · Excellon Resources

More comparisons

Popular match-ups from the same sectors, all with fair value and quality score.

Related to First Majestic Silver

Alphabet Inc Class C vs Verizon Communications Alphabet Inc Class C vs At&t Alphabet Inc Class C vs NetEase Amazon.com vs PDD Holdings

Related to Excellon Resources

Amazon.com vs Sony Group Meta Platforms vs Verizon Communications Meta Platforms vs At&t Meta Platforms vs NetEase

Free · Top-25 report

See the undervalued quality stocks every month

Just your email for the monthly Top-25 report of the most undervalued quality stocks, with fair value, quality and price target. Plus 14 days of Pro to try, no card.

Free. You confirm by email (double opt-in) and can unsubscribe anytime in one click. Not financial advice.

A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.